The Philippines is weighing the possibility of importing oil from Russia after a temporary easing of sanctions on Russian crude in transit opened a narrow window for potential purchases, Foreign Affairs Secretary Ma. Theresa Lazaro said on Friday.
Speaking during a virtual press briefing following a special meeting of ASEAN foreign ministers, Lazaro confirmed that the option is now under consideration as global energy markets remain on edge amid continuing conflict in the Middle East.
“That is something which is being considered,” Lazaro said, while clarifying that any decision on the matter would ultimately fall under the Department of Energy and the Cabinet officials directly handling the country’s energy security concerns.
The prospect of tapping Russian oil comes as the Philippines grapples with its heavy dependence on Middle Eastern crude. Energy Secretary Sharon Garin earlier disclosed that about 98 percent of the country’s domestic crude oil supply is sourced from the region, with most shipments passing through the Strait of Hormuz — a vital chokepoint now disrupted by Iran’s blockade.
That vulnerability has heightened concerns over supply stability and the possible impact of prolonged geopolitical unrest on fuel prices and energy availability in the country.
Adding to the shifting energy landscape, the United States recently issued a temporary authorization allowing the delivery and sale of sanctioned Russian crude oil and petroleum products already loaded on vessels as of March 12. The waiver, which runs until April 11, is intended to help temper a fresh surge in global oil prices as key Gulf producers become increasingly exposed to the fallout from the escalating U.S.-Israel conflict with Iran.
With international supply routes under strain, Manila is now exploring all possible options to cushion the country from further energy shocks, including the once-unlikely prospect of sourcing oil from Russia.
